In premarket trading on Wednesday, key US stock indices showed predominantly positive movement as traders processed the recent financial performance of Alphabet and anticipated further earnings from major technology companies alongside vital economic growth data. The Standard & Poor's 500 and Nasdaq both saw gains of 0.2% before the market opened, while the Dow Jones Industrial Average experienced a slight decline of 0.3%.
In contrast, most Asian exchanges were trending downward, and European markets faced challenges as they shifted into the midday trading session. Shares of Alphabet, Google's parent company, surged by 6.1% before the opening bell after the firm reported third-quarter results that exceeded Wall Street expectations.
Meanwhile, Advanced Micro Devices experienced a sharp drop of 8.5% after providing a disappointing revenue forecast for the fourth quarter. Chipotle Mexican Grill also saw a decline of 7.4%, while Reddit's stock jumped 24% following their quarterly announcement. The financial results from tech giants Microsoft and Meta Platforms are pending release after the session closes on Wednesday, alongside announcements from Amgen, Starbucks, DoorDash, Carvana, and eBay. Before the market opened, several other companies revealed their earnings reports, including Eli Lilly, AbbVie, Caterpillar, Hess, Kraft Heinz, GE HealthCare Technologies, Humana, Biogen, and Global Payments, among others. On the economic front, investors are poised for the initial estimate of the third-quarter gross domestic product, set for release at 8:30 am ET.
The economic calendar also features the mortgage applications report at 7 am, followed by the ADP Employment Report for October at 8:15 am. Additionally, the National Association of Realtors will publish the pending home sales index for September at 10 am, complemented by the weekly EIA domestic petroleum inventories report at 10:30 am.
At 11 am, the Federal Reserve Bank of Atlanta will share the Survey of Business Uncertainty for this month. In premarket trade, bitcoin dipped 0.7% to $72,345, while West Texas Intermediate crude increased by 0.9% to $67.83 a barrel. Yields on 10-year Treasuries fell by 5.4 basis points, reaching 4.22%.
Gold also saw a rise of 0.5%, trading at $2,796 an ounce..